Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company is expanding its business in both the aftermarket and original equipment manufacturer (OEM) markets, leveraging its relationship with Great Wall Motors to explore opportunities with other manufacturers like BYD and Tesla [4][31] - The aftermarket for automotive modifications is experiencing significant growth, with the domestic market expected to surpass overseas markets due to improved regulations and policies [5][18] - The company anticipates achieving a net profit attributable to shareholders of between 53 million to 62 million yuan in 2023, representing a year-on-year growth of 20.39% to 40.84% [17] Financial Summary - Revenue is projected to grow from 165 million yuan in 2022 to 256 million yuan in 2023, reflecting a year-on-year increase of 55.1% [19] - The net profit attributable to shareholders is expected to rise from 44 million yuan in 2022 to 56 million yuan in 2023, with a year-on-year growth of 28.2% [19] - The gross margin is forecasted to improve from 41.5% in 2022 to 42.4% in 2023, while the net margin is expected to be 22.0% in 2023 [19] Market Potential - The aftermarket for automotive modifications in China is projected to grow from 70.5 billion yuan in 2020 to 93.5 billion yuan in 2022, with a compound annual growth rate (CAGR) of 16.3% [5] - The U.S. automotive aftermarket is well-established, with the aftermarket parts market exceeding 50 billion USD in 2021, where the company holds a 57% market share in specific modification parts [5] Product Development - The company has established strong partnerships with major automotive manufacturers, including Great Wall Motors and Dongfeng Motors, and is currently in discussions with BYD and Chery [31]
北交所信息更新：前装后装齐发力，2023年预计实现归母净利润5300～6200万元（+20%～41%）